Category: Startup

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Startup Strategy

4 Growth Hacking Techniques To Make Your Startup Grow

4 Growth Hacking Techniques To Make Your Startup Grow
4 Growth Hacking Techniques To Make Your Startup Grow

Every entrepreneur wants his business to grow into a successful venture. However, the journey is not that easy. Scaling and expanding your business is difficult. There are many challenges down the road. But with the right growth strategies, scalability is possible.

To scale and grow a small startup business, entrepreneurs must adopt various growth techniques. It will also require you to interact with customers daily to create a meaningful customer relationship. And so much more!

Although some of these growth techniques are quite fresh, they have proven to be effective and play a vital role in the growth of the modern-day business. All you need is to de-clutter your mind and shift your perspective a little to identify the most effective business growth hack.

But first things first!

What exactly is growth hacking?

The entire concept of growth hacking is an experiment-driven technique to determine the most effective ways for growing a business. This vast concept includes a blend of development, marketing, engineering, design, data, and analytics.

If you are wondering if growth hacking is legal, why it has the term ‘hack’ then let us tell you that a hacker finds a quick, cost-effective but innovative method to attain growth instead of following the traditional processes.

Though, there are many existing growth hacks, here is a list of 4 strategies that will take your small business to the next level efficiently and quickly:

1. Build a Pre-Launch Email List

Email marketing though is an old method but remains the king when it comes to an effective growth strategy. It is quite an effective method when it comes to finding both leads and conversions. If you are launching a new product or a service, you can also create hype through email marketing. But, don`t just create a list of email addresses and sit idle. Take a few weeks to build up the hype and make your audience wait eagerly for the product or the service you are about to launch.

2. Create Unique Selling Point

Creating a unique experience for customers is necessary in the business world. There must be plenty of other business owners selling the same product as yours. Then why a customer should buy your product? How your product will solve the immediate problem of the consumer in the market will make the ultimate difference.

Sell the benefits and tell your target customer how their life will be changed after they purchase your product. Consumers want to know the stories behind your product, and not about your product. You can also take online courses for entrepreneurs to gain in-depth information.

3. Know your Competitors Well

Knowing about your competitors is necessary to stay ahead. Hence, do a market analysis and research about your competitors. Find out their key selling points and build a strategy that will work for your product. This is an excellent growth hack for small business owners who are in the early stages.

4. Create Strategies Tailor-made for Your Business

In this digital age, creating a marketing strategy that is tailor-fit for your brand is a little tricky. But, if done properly, it can fetch more customers and boost sales. Small business owners can deploy creative growth hacks to pull more customers to their platforms by email marketing, product recommendations, visually appealing ad creative, and identifying high lifetime value (LTV).

These growth hacks, if implemented quickly, can be quite effective for small business owners. A planned approach is necessary to scale these experiments.

Learn what works for what, not for your business. Find a customized business strategy as per your requirements with our Problem Solving Course.

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Startup

7 Expert Tips To Allocate A Marketing Budget For A New Startup Business!

7 Expert Tips To Allocate A Marketing Budget For A New Startup Business!
7 Expert Tips To Allocate A Marketing Budget For A New Startup Business!

According to a report in the Times of India, “India is home to 81 unicorns as of now, with a total valuation of $274 billion.” With so many startups joining the league of Unicorns, it has become essential for the existing ones to focus on their branding and marketing game.

Branding and marketing are those two pillars in an organization that help a business to reach out to its potential customers. But as there are so many marketing avenues, small startup businesses often face the challenge to determine where they should invest their limited marketing resources.

Startups often lack clarity at early stages on how much time, money, and effort they should spend on their advertising, public relations, branding, social media planning, and content strategy at the outset.

So, if you have a startup business made from your dreams, passion, and determination, here is a list of some of the most effective strategies to help entrepreneurs and founders to develop first-time marketing budgets to optimize their investments and achieve maximum results:

1. Master One Method First

Just like when we learn driving, we want to do everything at once. But, as the primary rule, we learn to control the steering wheel. Similarly, as an entrepreneur, you should pick one thing and do it well. Once you have mastered it you can start focusing on building out the other options as you begin to get more business. Focus all your efforts, time, and money on a single method and use that as your power to get more business and break through the noise.

2. Pick Measurable Outcomes

When looking out for the best marketing choices, it is best to find out what you want for your measurable outcomes to be. For instance, if you want to sell 200 products in your first month, with an average value of INR 500 per customer, you should provide this to a marketing company to receive quotes on actions, and not just marketing services. It will help them to filter out the options deemed best for your business on actual budget samples.

3. Allot a Budget to a Few Targeted Areas

It will be unrealistic for any business to allot a budget without considering their revenue. A new startup must need to consider its targeted areas and how much budget should be allocated. It is best to focus on one target area and then grow into others as traction is gained. You can also take an online business course for entrepreneurs to learn more about marketing and advertisement.

4. Find Out How Each Strategy Will Impact Your Business

While budget allocation initially is a smart decision, understanding how each strategy is going to impact your business is paramount. Dedicating between 10 to 20 percent of gross revenue is a good starting point to invest in marketing and advertisement. Basics such as collaterals should not go beyond 5% of your gross revenue unless a brand strategy calls for it. PRs, advertising, communications are all similar. But to determine what will help your business to grow and attract your potential customers is essential. Focus on what is going to help you succeed.

5. Build a Scalable & Multi-Year Strategy

In the first year, you need a logo, a website, and some basic branding elements. But one most essential thing is content. You need great content for any marketing strategy to work. And as your company grows, you can spend more on advertising and promotions. When your company begins to scale, you can increase your budget.

6. Know Your Customer Journey

One of the most crucial things that every startup must do is that they should have a solid understanding of their customer journey. Run test ads on social media platforms and Google to find out how much you will have to spend to acquire a customer. You can also take an online course for entrepreneurs for marketing.

Investing in PR and branding can help you to lower your ad expenditure, only if done right. It will also increase your conversions, and give you a better idea of how much you must invest and in which medium of marketing.

7. Begin with Organic Marketing

There is no magic formula or shortcut to marketing your brand and advertising your products to increase your revenue. Startups should always begin with organic efforts, such as content marketing, PR, SEO, before diving into big ad spending. Why? It offers three benefits:

a).  It reduces your budget

b). It lets you find out what works by trial and error before investing in advertising.

c). Delivers ROI

Every single penny plays an essential role in a startup budget. Hence, it is important to allocate the budget carefully for marketing and advertising. Hope the above-mentioned techniques will help you to seek out choices that will give you the best results for your startup business.

Having a compelling marketing idea is great. But you know what is even better? Personal guidance to increase your brand presence consistently to facilitate sales, engage your customers and close leads. Our Problem Solving Courses can help you to overcome marketing and advertising challenges.

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Startup

4 Big Common Legal Mistakes Startups Make

4 Big Common Legal Mistakes Startups Make
4 Big Common Legal Mistakes Startups Make

Starting a new business is no less than a marriage. Initially, everything is rosy and smooth, but as soon as the honeymoon period fades away, the real hustle begins. This is the reason startups need to have a clear legal agreement in place.

A startup business can face significant legal challenges due to plenty of mistakes made by its founders. These mistakes are generally made at the initial formation of the business, at the early stages of growth, and when dealing with staff. You can also hire the best business coach to get the right guidance.

If you are an entrepreneur and planning to start your dream venture, here is a list of common and legal mistakes you must avoid at all costs:

Mistake #1: Not Making an Agreement with Co-Founders

If you are starting your business with a co-founder, then you should have all the agreements in place at the initial stage of your business relationship. Not doing it can lead to various legal challenges down the road. A founder`s agreement is just like a “prenuptial agreement.” Here are the key legal terms your founder agreement must involve:

  • What are the roles and responsibilities of the founders?
  • How will the equity be split among the founders?
  • What is the overall goal and vision for the business?
  • What salaries are the founders entitled to? Factors that will lead to change salaries?
  • Is each founder’s percentage ownership in the company subject to vesting?
  • If one founder leaves, does the company or the remaining founders have the right to buy back the departing founder’s shares? If so, at what price?
  • How will a sale of the business be decided?
  • What time commitment to the business is expected of each founder? What constraints will be imposed on outside commitments?
  • How will key decisions and day-to-day decisions of the business be made? (by majority vote, a unanimous vote, or are certain decisions solely in the hands of the CEO?)
  • Under what circumstances can a founder be removed as an employee of the business?
  • What assets or cash does each founder contribute or invest into the business?
  • What happens if one founder isn’t living up to expectations under the founder agreement?

Mistake #2- Not Deciding the Structure of the Company

Because founders often start businesses without consulting lawyers, they do not decide the structure of their businesses. One of the very first decisions that any entrepreneur should make is in what legal form to operate the business. Due to the incorrect structure of the company, startups often incur higher taxes and become subject to significant liabilities that could be avoided by structuring their startup business as a corporation or a Limited Liability Company (LLC). You can also take help from the best business coach who can help you navigate with legal formalities.

Mistake #3- Choosing a Disputed Business Name

It is very important to do research when picking a company name as it helps to avoid trademark infringement or domain name problems. It also ensures that the name you select is available to use. Here are some steps that you can do to avoid naming issues:

  • Conduct a Google search on the name to check if it is already in use.
  • Before picking a domain name, search GoDaddy.com or other domain name registrars to see if the domain name you want is available.
  • Ensure the name is distinctive and memorable.
  • You can shortlist 5 names and test market them with prospective employees, investors, partners, and customers.
  • Avoid unusual spellings of the name as it can cause confusion and problems down the road.

Mistake #4- Not Adhering with Securities Laws When Issuing Stocks

If founders form a corporation, LLC, Limited Partnerships, or any other structure the sale of stocks, limited partnership interests, or LLC interests to the investors will be subject to state securities laws. Most laws require that such sales comply with certain disclosure, filing, and various other form requirements unless the sales are exempt. If any business fails to comply with these laws, it can result in significant financial penalties for the entrepreneurs and the company.

Founding a company is not much different from getting married. Everything looks promising in the beginning, but as the business evolves, complexity and stress become a part of everyday operations. So, with all of the things that go into launching a startup, one must get the Founders agreement, right!

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer exclusive problem solving courses that come with Foundation courses, specialized courses, and value-added courses. To know more, visit www.badabusiness.com

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Startup

5 Reasons Why Strategy Execution Fails In A Startup Business

5 Reasons Why Strategy Execution Fails In A Startup Business
5 Reasons Why Strategy Execution Fails In A Startup Business

Building strategies is one of the most critical aspects of a business as it directly impacts growth. However, it is no longer a secret that most companies struggle with strategy execution.

According to research by McKinsey, “around 70 percent of change efforts fall short of desired results.” Today, senior leaders across the globe have started to take notice of it and realized that the financial losses induced by execution failure are massive.

Building a great strategy is an amazing start. But, organizations must be able to deliver on their intent. Strategies involve changes, and the natural human tendency is to resist them. So, no matter how strong your strategy is or how fantastic your new products and services are, it will only work once it is implemented successfully. To learn the art of executing strategies one can also take an online course for entrepreneurs.

Also Watch here, 4 Step Formula for Strategic Execution by Dr Vivek Bindra:

The first step in finding the biggest challenge that comes in executing strategies is to identify the most essential problems that are acknowledged already.

There are multiple reasons why many organizations fail at the execution level. The common are listed below:

1. Ineffective or unclear communication

Whether it is a personal relationship or a professional relationship communication plays a huge role. The most common problem in strategy execution is bad communication. It means that the communication which is too little, too vague, too late, too early, too much, to the wrong people, or otherwise ineffective can be termed as bad communication. Anything that is communicated vaguely can play a hurdle when it comes to implementing important strategies.

2. Ineffective Management

Failed strategy execution is often seen as a misalignment problem. Alignment means achieving coherence and consistency between different levels of strategy: business strategy, corporate strategy, operational strategy, and functional strategy. Misalignment results in silo behavior and not everyone being on the same page.

3. Ineffective Change Management

The strategy usually involves various changes at all levels. Hence, managing change is an important aspect of strategy execution. Challenges in this area include resistance, no buy-in, lack of commitment, and keeping up appearances. These challenges are largely emotional and mindset problems that come from not engaging people throughout the organization during strategy generation and execution.

4. Ineffective Performance Management

“What gets measured gets managed, and what gets managed gets done.” Hence, performance management is the key to successful strategy execution. If this is done ineffectively, it leads to problems such as unclear or missing objectives and targets, wrong use of measures and performance indicators (KPIs), counterproductive incentives, and failing resource allocation. If you too are facing this challenge, you can take an online business course for entrepreneurs.

5. Ineffective Project Management

Systematic follow-up and project management are two important factors that constitute good strategy execution. The lack of it is a fifth key problem in strategy execution. It comes with unclear responsibilities, missing or conflicting priorities, exceeded budgets, delays, bad time management, and poor or missing leadership at various levels in the organization.

Together, these five problems are responsible for a great share of strategy execution failure in most organizations. These challenges are not new. They have been acknowledged in the 1980s. And so have their solutions. Hence, organizations must consider these challenges and their solutions to ensure that strategies are very well executed at every stage.

Of course, strategy and execution are complex, and resolving these 5 problems can be extremely challenging. But, if there are challenges, so are their solutions.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive online course for entrepreneurs that comes with Foundation courses, specialized courses, and value-added courses.

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Startup

How To Take Your Startup Business From Good To Great In 2022

How To Take Your Startup Business From Good To Great In 2022
How To Take Your Startup Business From Good To Great In 2022

Summary: Great businesses don`t happen by luck. It is your commitment to excellence, hard work, and dedication to improvement that helps drive your business.

Many people love the idea of having a successful business that is generating revenue and experiences growth, day-after-day. But truth to be told, great businesses don`t happen by chance. It needs a strong commitment towards excellence, hard work, resiliency, and an unwavering dedication to improvement.

This commitment needs to be renewed every single day because things that will come at you for the rest of the day will most certainly try to veer you away from those beliefs. You will start preferring ease and comfort and that will lead you to consider compromising on your work.

So to build a great business, you must have the desire and the passion to do whatever it takes. Here are key tips on how to take your small startup business from good to great:

1. Make Creativity your Best Friend

Want your business to stand out? Then you will have no greater partner in your business than creativity. It can move mountains and resolve conflicts smoothly. It is an inventor and a developer. It will make your business unique and help you bring originality to your business. You can find new paths & new solutions through creativity.

If you have a team under you, encourage yourself and everyone who works with you to explore, find better ways and challenge the status quo. Allow for failure while aiming for success. Creativity does not mean you need a brush, it is a mindset.

2. Be Flexible

The world today is evolving at a great pace. So, if you are not flexible when it comes to adaptability, you might finish up last in the competition. Look ahead more than you look behind. To thrive in your business in the long run, you need to reinvent and improve the things you just discovered.

Great businesses are always part of the solutions and the changing landscape. This requires thinking fresh, regularly. Sometimes you may realize that your prior thinking fits the bill, sometimes it would not. That said, one way or the other, you must challenge yourself and your thinking.

3. Be Curious

Where creativity helps your business to stand out from the rest, curiosity helps you to keep moving forward. It helps you to explore more, open new doors, and do new things. It will help you to climb ladders to see overalls. It will help you learn new dimensions of the business. You can also take an online business course for entrepreneurs to channel their energy in the right direction.

4. Have Partners

It is a blessing to work with people who have the experience that you likely don`t. Vendors, suppliers, and sometimes even sales people may have insights and experience that can be beneficial for you. So, keep your ears open, ask questions, and get to know their business and how it will impact yours. Always remember that you can learn something from everyone.

5. Give Up on Giving Up

Business depends on various factors that include both- internal as well as external. Some of these factors are controllable, while others aren`t. But, no matter what, if you have passion for it, be the person to find your way through, over, and around hurdles that might come your way. Obstacles are everywhere and sometimes they are in the human form, sometimes in difficult situations. They are all hard to accept, and they can kill motivation. If you want to be successful, never give up.

These five tips will help you to take your business from good to great. Running a business is not an easy deal. It needs someone with passion, maturity, optimism, and the ability to take a punch, get back up, and punch back even harder.

But also don`t forget to live beyond your business. Go out, and get new experiences to keep your creative juices flowing. The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusively online business courses for entrepreneurs that come with Foundation courses, specialized courses, and value-added courses.

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Startup

How To Start Tea Stall Business Under 20k In India

How To Start Tea Stall Business Under 20k In India
How To Start Tea Stall Business Under 20k In India

In India, tea or a ‘garma garam chai’ is something that starts a day, ends a day! From greeting guests to making interesting conversations, a cup of tea is the solution to every problem. Mornings are incomplete without them. And it is no secret that we Indians love our morning tea. Whether you have to rush for a morning meeting or manage your household chores, a hot cup of tea gives a great start to our mornings.

According to a report published in Economic Times, India is now the world`s 10th fastest growing market for specialist tea and tea retail chains. The industry is estimated to grow 6.9% a year to Rs 4,540 crore by 2023 in value sales’.

The industry has gained popularity, especially among young consumers. Specialist tea shops attract youth, especially in large cities. So, if you are planning to open a tea stall business under 20K, it would be a perfect time to do it.

Opening a tea shop can be profitable and a self-rewarding business. So if you are a young entrepreneur who wants to become financially independent, open a tea stall business.

Here is a step-by-step guide to help you come up with a brilliant tea shop business plan:

1. Choose a Perfect Chai Stall Business Model

Having the right business model is paramount for any startup business. Hence, you will have to decide which type of business you would like to start. You will have to zero in on whether you want to come up with a small tea stall or a café.

A small tea stall business sells low-cost tea to the customers along with snacks. Depending on your investment capacity, you can decide whether you also want to provide seating arrangements to your customers. You can use disposable cups and provide snacks like omelets, toasts, and other snacks.

This is a low-cost tea shop business idea and can be started with as low as Rs 20K.

2. Should You Go for Franchise or Ownership

In urban as well as cities in rural areas, the demand for tea has gained popularity. A lot of companies are now offering franchise business opportunities to new entrepreneurs, solopreneurs, and wantrepreneurs.

If you want to start a tea and snack stall with a brand, then a franchise is the best option for you. Why? Because an already established brand will attract customers since the very first day.

However, if you want to start your own tea stall business under Rs. 20,000, then starting your own business is more profitable for you.

3. Pick a Location

The next thing that you must do after deciding the business model, you will have to find an apt location for your tea stall. The choice of location can be the deciding factor between success and failure.

  • Always select a place which is located in a busy market or shopping area. This will ensure you get high footfall throughout the day.
  • The location should also be easily accessible by the consumers. Your selected place must also possess great visibility too.
  • It is very important to understand your target audience. You can then choose your location accordingly.
  • The location should be affordable too. It is best to choose a place for your tea stall business that is easily affordable. Also, check the lease fluctuation patterns of the past few years.

4. Business Registration & License

Most of the tea-stall businesses in India run as proprietorship models. If you too are planning to follow the course, your PAN card is sufficient for that. You will also need a Trade License from the Local Municipal Authority.

5. Go Online

With a nominal investment, you can sell your tea online on the internet. If you do not have enough funds to advertise, you can use the power of social media platforms.

The online presence of your brand on popular networking platforms like Facebook and Instagram can help to build your brand`s reputation.

Opening a tea stall business in India is one of the most popular business ideas. However, it also needs a great deal of market research and business planning. You can learn the dynamics of business, challenges you might face, and solutions in advance to make your business successful with our Problem-Solving Courses.

Want to start your own tea stall business? Click here: https://www.badabusiness.com

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Startup

9 Highly-Paid Freelance Jobs You Can Start In 2022!

9 Highly-Paid Freelance Jobs You Can Start In 2022!
9 Highly-Paid Freelance Jobs You Can Start In 2022!

Summary: Many work-from-home jobs pay well. But the best part is that you are on your own. And for some people, that’s the best part.

Once upon a time, work-from-home was just a dream. However, with pandemics striking the world with their infectious streak, there has been a surge of jobs that you can do from your place. So, where organizations have adapted the new model of letting their employees work remotely, many people are quitting their desk jobs to embrace their side hustle as a full-time job.

So whether you want to start your own business or want to work remotely, there is no dearth of work-from-home opportunities. Here is a list of 9 well-paying work-from-home jobs which can generate annual earnings equal to more than the annual income.

1. Affiliate Marketer

If you are unfamiliar with affiliate marketing, let us explain it to you. Affiliate marketing is a type of referral marketing where you earn a commission by referring a product to your followers or website visitors. When the visitor clicks the affiliate link and buys the book recommended by you, the brand will pay you a percentage of the sale. This work-from-home job is quite popular amongst the influencers, and people can start earning passive income without burning a hole in their pocket.

2. Animator

If you have an eye for detail and love to create visual effects for movies, tv, video games, and animated short movies then it is time to put it to best use. You can start working as a freelance animator and upload your portfolio on sites like Upwork. You can charge on an hourly basis and can earn from 2000 to 8000 per day, depending upon your skills.

3. Baker/Caterer/Chef

Love baking yum cakes, muffins, and brownies that can melt even the iron heart? So why not turn your passion into a side business? From your kitchen, you can start a bakery or become a personal chef. Cloud kitchen is another work-from-home option that you can start from your home. You can first sell your products to your friends, neighbors, and circle online, initially.

4. Blogger

Blogging is the easiest and the most affordable way to generate income right from your home. If you are thinking about which topic, you can start writing on diverse topics like music, food, or beautiful places that you visit. Though this option may take time to generate a steady source of income, if you love writing, this is something you should pursue.

5. Business Consultant

Whether you are an accountant or a social media strategist, if you excel in a specific domain, then you can consider sharing your expertise and knowledge with others too. You can help local shopkeepers and businessmen to grow their businesses and update them with the changing dynamics of the market. You can also train businesses to use a new software program. You can also become an independent business consultant by taking a franchise of Ed-tech startup Bada Business Pvt Ltd.

6. Data Entry

Many companies require people to input their data for businesses. Though this job does not sound like one of the most exciting jobs, you don`t need any previous experience.

7. Grant Writer

Hospitals, universities, and non-profit organizations often need to apply for grant money. So, the applications are often difficult to write, these businesses often seek talented grant writers.

8. Yoga Instructor

During pandemics, many people opted for workouts at home. If you know yoga, you can become a yoga instructor. All you need is a laptop, working internet, and a profile on social media channels. You can take online sessions and charge them for your services. However, you must do a professional yoga course from a renowned institute to become a certified trainer.

9. Social Media Manager

In today`s world, almost every brand is on social media channels. Why? Their customers around the world are present on these social media platforms. To reach out to a wider audience and build a strong brand presence, many businesses want a social media manager to handle their business accounts.

Working as a freelancer will not just give you a steady income, but also the flexibility to work on your terms. You can also start the above-mentioned work-from-home jobs as a side hustle or focus on it completely.

Want to start your own business but don`t know what to do? Become an IBC(Independent Business Consultant) and earn up to INR 1 to 10 lakhs per month. What more? Get an opportunity to be recognized in Dr. Vivek Bindra`s world record creating mass digital webinars & YouTube Videos. Click here for more details: https://www.badabusiness.com/ibc

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Startup Strategy

5 Powerful Growth Strategies To Grow Startups

5 Powerful Growth Strategies to grow startups
5 Powerful Growth Strategies to grow startups

Scaling and expanding your business is some different ball game. It is extremely difficult, but having your own startup business is all worth the pain. Being an entrepreneur initially means wearing multiple hats, sometimes all at the same time. At the end of the day, this tiring process will drain all your energy. However, if you want to scale and grow your business, there is still light at the end of the tunnel.

So what is that one thing that can help you sustain your startup business in the market for a longer duration? The only answer to this question is by creating a growth strategy. If you want to be a successful entrepreneur then having a growth strategy is paramount. Having just a profitable business is not an achievement and is not sufficed to continue it for long.

Though, there are many existing startup strategies, here is a list of 5 strategies that will add fuel to the fire and grow your business:

1. Stay Unique

There must be plenty of other business owners selling the same product as yours. Then why a customer should buy your product? Creating a unique experience for customers is necessary in the business world.

How your product will solve the burning challenges of the consumer in the market will make the ultimate difference. Sell the benefits and not features. Tell your target customer how their life will be changed after they will purchase your product. Consumers want to know the stories behind your product, and not about your product.

2. Identify your Niche Market

You want to start a business with a certain product or a service because you saw an opportunity to make a profit from it. You might have also identified the type of audience. But are you sure that your target audience will be your ideal customer? If yes, where are you going to find this audience? Where is your potential customer and who is it?

Well, make a list of your ideal customer and then make a network through which you can let them try your product or services. You can take their feedback to determine if they are your potential customers.

3. Analyze Your Competition

“Keep your friends close, and your enemies closer”. Knowing about your competitors is necessary to stay ahead. Hence, do a market analysis and research about your competitors. Find out their key selling points and build a strategy that will work for your product. This is an excellent growth hack for small business owners who are in the early stages.

4. Review Business Model

It is very important for entrepreneurs to make a dedicated section in their business model to check if they are achieving your goals and assumptions. It is very important to review your goals and analyze if your business has made any progress or not? Always make a revised business model. If you think that they are becoming outdated, update, and upgrade them.

Employee training is another thing that you must conduct on a regular basis. Keeping your employees upskilled and upgraded with the trending technology and skills will help you to achieve your organizational goals. You can hire the best corporate trainer to bring in a new perspective and strategies in your company.

5. Update & Upgrade Marketing Strategies

In this digital age, creating a marketing strategy that is tailor-fit for your brand is a little tricky. But, if done properly, it can fetch more customers and boost sales. Small business owners can deploy creative growth hacks to pull more customers to their platforms by email marketing, product recommendations, visually appealing ad creative, and identifying high lifetime value (LTV).

Most of the business growth hacks state with a simple idea that emerged in the conversations. These growth hacks, if implemented quickly, can be quite effective for small business owners. A planned approach is necessary to scale these experiments.

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Startup

Bank or Investor? Choose The Right Funding For Your Startup Business!

Bank or Investor? Choose The Right Funding For Your Startup Business!
Bank or Investor? Choose The Right Funding For Your Startup Business!

Summary: When thinking about starting a business, which type of funding should you choose?

Starting a business is easy if you are your investor. However, seldom it happens in the real world. So, if you are thinking about becoming an entrepreneur and want to start your own startup business, chances are that you must have thought about the investment too.

You may also have realized that you don`t have sufficient funds on your own to get started. So that leaves you with two choices: one is a loan, in which the lender makes its money by you paying the loan back with the applicable interest over a set period. The other is an investment, in which the investor is given a percentage of ownership (i.e., number of shares) in the business in exchange for providing the capital.

A loan and an investment are two different things. This is why you want to keep in mind what your audience is while making a business plan. The ways that lenders versus investors make money are completely different. Hence, you will require different business plans.

Here are a few factors are given by the best business motivational speakers that one must consider while choosing the type of funding:

1. Return on Investment (ROI)

If you are looking for investor funding, your prospective investors will want to see an ROI scenario with the current valuation and estimated future valuation of the business. So how will you determine that? The current evaluation of the business can be determined via the requested investment amount and the percentage of ownership given in return for the investment is how future evaluation will be determined.

For entrepreneurs, it is important to note that the valuation of investors is largely based on perception, especially for startups. The potential investors may or may not agree with your perceived valuation.

If you are looking for a bank loan, ROI does not apply to your business plan. This happens because the bank makes money by having the loan paid back with interest.

2. Exit Strategy

If you seek investor funding, prospective investors would like to know all the possible scenarios in which they can exit from having a financial interest in the business. Many possibilities include the investor selling their shares back to the company, or the business failing an investor losing their money. An investor plan will explain each possibility to exit.

If you are seeking a bank loan, you will not need an exit strategy because the bank only has a vested interest in the business during the term on the loan. Unless you don’t plan to get out of the business before the term on the loan is up, an exit strategy is not needed. Once you have paid the loan in full amount and the term is up, the bank has no interest in the performance of the business.

3. Projections

If you need a bank loan or other form of debt, your income statement should declare the interest expense, while your principal loan repayment would be shown in your cash flow statement. However, if you seek equity financing then the interest expense and principal loan repayment will both be zero.

Bank or investor? There is not a straight and simple answer to this. While banks are more inclined towards tried-and-true-business models, investors are usually interested in innovative ideas that can disrupt the business environment in some capacity.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

You can start your startup business from the scratch with the guidance and hand-holding support of a personalized business coach.

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Startup

5 Low Investment Startup Business Ideas To Start In 2022

5 Low Investment Startup Business Ideas To Start In 2022
5 Low Investment Startup Business Ideas To Start In 2022

For many people, a job of nine to five brings satisfaction with the salary at the end of the month. But many people want to startup something of their own. Some people want to start their own business but in the absence of a good business plan or because of lack of capital, they give up on their dream business.

For such entrepreneurs, this article of ours today is going to be very helpful. In this article we are going to tell you 5 low-investment business ideas that are profitable:

1) Catering Business

There is an old saying that the way to reach a person’s heart is through his stomach. If you have amazing culinary skills and can cook delicious food, then your skill will be the reason for starting your business. There is always a demand for good quality food. The catering business is considered to be one of the best startup business plans because it is not a seasonal business. Also, the business of catering is a low investment business. Start this business with low investment and generate revenue.

2) Travel Agency Business

Holidays are special not only for tourists but also for travel agencies to earn profits in business. Travel agencies work to provide good facilities from travel tickets to hotel booking for the tourists. People often think of traveling somewhere twice a month and travel agencies do the work to make this idea successful. This business is not a low investment business but it can be started with a low budget through the right strategies.

You can start a travel agency by tying up with a big agency. By joining a big agency, you also get work experience and also get the trust of tourists. You can start this business by choosing any good travel agency and joining them.

3) Retail Business

Retail business is a good example of the Best Startup Business Plan for small businessmen. Before starting this business, you have to decide what kind of product you want to sell in retail. From cosmetics to clothes to home decor products to FMCG products, you can start this business by choosing the products. Retail business can be started with less investment and can also be started with more investment.

Your retail business will get the support of e-commerce sites and you can increase your sales easily by delivering your products to remote customers.

However, start your research in this field before starting your business. Collect information through research products that are high in demand in your city or state and manufacturing is done in another city or state. Information gathered can help you make an informed decision and to create a good business plan.

4) Event Management

If you have a creative mindset then the event management business can prove to be the most perfect business for you. You can start this business with a low investment. All you have to do is come out with good strategies. In the event management business, you have to find the right vendor, who can provide you with the right services at a reasonable price. Event planning also requires your management skills and a good team.

5) Consulting Business

Your mentoring ability can provide a good business opportunity for you. If you have a good understanding and hold on to any subject, then consulting business is the best business for you. This is a good business to be included in the list of best small businesses to start with low investment. You can start your own consulting business with a minimum budget. Small businessmen can try their hand at these low-cost businesses to start their own business.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more, click here: www.badabusiness.com